Third Point re-invests in Disney, pushes for changes including ESPN spin off
2022.08.15 18:02
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FILE PHOTO: A smartphone screen showing the “Disney+” logo is seen in front of the words “streaming service” in this illustration taken March 24, 2020. REUTERS/Dado Ruvic/File Photo
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BOSTON (Reuters) – Hedge fund Third Point on Monday unveiled a new position in Walt Disney (NYSE:DIS) Co and made a string of suggestions, ranging from spinning off cable sports channel ESPN to share buybacks to new board members, to improve the company’s fortunes.
Billionaire investor Daniel Loeb, who runs Third Point, made a u-turn on Disney by buying a stake in the second quarter not long after he liquidated the firm’s position in Disney during the first quarter.
In a letter to Disney CEO Robert Chapek, Loeb laid out his suggestions that include cost cutting, integrating Hulu into the Disney+ DTC platform and buying back shares.
Disney was not immediately available for comment.
